When know-how information, or knowledge, is scarce, customers overcome it by doing it themselves.
When know-how information, or knowledge, is scarce, customers overcome it by doing it themselves. This isn’t a new trend; it happens in every industry that experiences significant change within a short period of time. Customers who are eager to apply leading-edge technologies are forced to develop know-how, pay a significant premium, or wait until the knowledge becomes a commodity. The only problem with these choices in the early years is that technology advances faster than know-how, until the technology itself becomes commoditized. So for several years the DIY, or “Do It Yourself,” demographic rapidly expands. These customers truly finance the innovative and transformational technologies. Without them, the status quo would prevail for longer periods of time.